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2012 (10) TMI 387 - AT - Income TaxUnexplained Cash Credits - Contention of Assessee was that he was able to explain and prove the source of the credit in its account, it was not incumbent upon the assessee to prove the source of income of the creditor. However he had written to the bank to supply necessary details to the Department but the bank refused to divulge information about the transactions in the account of Mr. Masqooth Ali. Held that:- the assessee had co-operated to establish the identity and capacity of the creditor and also genuineness of the transaction. The assessee has discharged his liability in proving that the amount of Rs.19,00,000/- which has been reflected in the books of accounts of the assessee was received from Mr. Masqooth Ali.Thus Cash credit is explained by Assessee properly - Appeal allowed in favour of assessee.
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